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Latin America cybersecurity market is estimated to see lucrative growth by 2027, progressing at over 18.9% CAGR through the projected period. Increasing incidences of spam and phishing attacks are anticipated to impel regional market growth over the forecast timeframe.
The cybersecurity market in MEA is also expected to substantial growth at a CAGR of approximately 14.5% through the assessment period. Escalating occurrences of cyberattacks against public sector establishments are boosting the demand for cybersecurity in the region, which is speculated to foster market outlook in the future.
Following the COVID-19 outbreak, work-from-home policies were imposed by organizations worldwide to prevent the transmission of the coronavirus. During this time, there was a surge in cyberattacks as hackers could easily target people who were using personal devices for virtually everything, particularly for remote work.
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The cybersecurity market is expected to witness significant growth by 2027 driven by the prevalent demand for secure IT infrastructure across the globe and rising incidences of cyberattacks.
As a result, there was a soaring demand for data privacy and more robust IT security framework by organizations across the globe, which has positively impacted overall market dynamics. Additionally, rapid growth of the e-commerce sector has also increased the need for cybersecurity to protect users from various cyberthreats, which has further bolstered industry expansion.
In terms of product, the cybersecurity market has further been segregated into IAAM (identity access management and access management), security services (managed security services, implementation, hardware support, and consulting & training), network security (ISP equipment, UTM, VPN, and firewall), and infrastructure protection (email/web gateway, endpoint protection, DLP, SIEM, cloud security, and vulnerability assessment).
The email/web gateway infrastructure protection segment is estimated to grow at a CAGR of over 13.2% through the assessment timeframe owing to increasing occurrences of phishing e-mails across the globe. The SIEM infrastructure protection segment is expected to witness notable growth at around 13.8% CAGR through the analysis period. SIEM provides real time event updates and threat alerts, which is speculated to fuel segmental demand in the future.
The vulnerability assessment segment in cybersecurity market held approximately 20.56% of the infrastructure protection market revenue in 2020 and is projected to see substantial growth through 2027. The vulnerability assessment process prioritizes and prevents any network or endpoint vulnerabilities, which Is expected to contribute to segmental growth in the coming years.
DLP is calculated to witness robust growth at a CAGR of above 15.7% through the projected timeline. The DLP software prevents the loss of valuable enterprise and personal data, which is expected to positively influence product demand across diverse end-use industries in the following years.
ISP equipment accounted for around 47.37% of the network security market in 2020 and is anticipated to observe considerable growth over 2021-2027. Mounting requirement of cybersecurity for securing IT infrastructure of ISPs is likely to support segmental expansion through the assessment timeframe.
The VPN network security segment in cybersecurity market is projected to register sizable growth at a CAGR of about 18.6% over the forecast timeline owing to escalating emphasis on privacy and rising prevalence of work-from-home trends across the globe.
Driven by the robust threat management capabilities of UTM systems, the cybersecurity market from the UTM network security segment is set to grow at a notable CAGR of nearly 18.1% through the estimated period.
Firewall is calculated to garner around 19.39% share in the network security market by 2027. The surging use of firewalls for policy-based access is anticipated to boost segmental adoption over the analysis period.
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The transportation sub-segment is estimated to grow at a CAGR of approximately 10.5% over the assessment period. Escalating demand for IT security in connected vehicles is anticipated to support product adoption across key regions in the future.
The cybersecurity market from the insurance sub-segment is calculated to grow at a CAGR of nearly 13.4% through the forecast timeframe. Increasing cases of online identity theft and financial scams during insurance claims is likely to fuel segmental demand over the following years.
The securities sub-segment in cybersecurity market is projected to expand at around 12.7% CAGR through the analysis period. The demand for malware attack protection is surging in the segment, which is speculated to boost market adoption over the study timeline.
The consulting & training security services segment is estimated to witness profitable growth at a CAGR of over 12.3% through the forecast timeframe. Rising deployment of consulting & training services by SMEs that do not have an in-house IT staff is likely to contribute to segmental demand in the future.
Hardware support accounted for around 20.49% of the security services market in 2020 and is set to progress at a considerable pace through 2021. Increasing complexities in cybersecurity-related hardware is estimated to propel product adoption over the following years.
From the perspective of end-user, the cybersecurity market has been segmented into banking, manufacturing, government, IT & telecom, transportation, securities, and insurance. The government sub-segment held about 23.94% of the end-user segment in 2020 and is expected to progress at a notable pace over 2021-2027 due to the proliferating incidences of financial frauds on government digital assets.
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